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Australia Home Loan Data Offers Glimmer of Hope

The number of home loans approved in Australia continued to rise this year, creating a small bright spot in an otherwise darkening economic outlook.

By

James Glynn And

Shani Raja

July 12, 2013 2:44 a.m. ET

SYDNEY—The number of home loans approved in Australia continued to rise this year, creating a small bright spot in an otherwise darkening economic outlook.

Loan approvals for the purchase of owner-occupied homes rose 1.8% in May from April, Australia's statistics bureau said Friday. While the figure was less than the 2.2% growth expected by economists, it maintained the rising trend in each month of the year so far.